Is Your Business Losing Money? How Your Look and Prices Are Linked
Let's talk about a dilemma that's keeping many small service business owners, especially women, up at night: pricing and justifying those prices. You've probably heard the advice, "Price what you're worth and don't settle for less."
But what if your business personality isn't conveying your worth to potential customers? Just like we often judge a person's value by looking at their shoes, potential customers judge your business by its "shoes"—your website, social media pages, and overall professionalism.
1. The Business Personality Disconnect
You might be a top-notch professional, but if your business doesn't look the part, people will question your prices. It's not just about the quality of your service; it's about the overall customer experience you offer.
2. Selling to Everyone, Pleasing No One
Another trap is trying to sell to everyone. If you don't know who your most profitable customers are, you'll end up attracting people who don't value what you offer. Remember, you don't need everyone to like you; you need the right people to love you.
3. The Wrong Marketplace
Posting your high-end services on Facebook and then wondering why people say your prices are too high? You're fishing in the wrong pond. Your marketplace should align with the value you offer.
4. Trust: The Invisible Currency
People want to know they can trust you. If your business looks sketchy, no amount of justification will convince them to part with their hard-earned money. Trust is built through a professional appearance and a consistent track record.
5. The Overall Look Matters
If you're asking for advice on how to justify your prices, first ask yourself: Does my business look professional? Am I looking for customers in the right places? Your website, social media pages, and even your personal profile are the "shoes" of your business. They need to match the experience you're offering.
6. Time for an Honest Evaluation
It's tough to critique your own business, especially when you're hesitant to invest in marketing. But this reluctance is what's holding you back. If you're too close to see the issues, seek professional advice or use tools like my Marketing Strategy app to get an unbiased view.
Pricing isn't just about what you think you're worth; it's about what your business personality communicates to the world. So, let's get real.
Take a hard look at your business, adjust your marketplace, and make sure your "shoes" are polished. Only then will you attract customers who see your true value and are willing to pay for it.
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